Solar Hot Water Savings

Cut 63% Off Your Power Bill With Solar Hot Water

Written by Green Chip Stocks
Posted March 26, 2012 at 6:23PM

A recent study shows that using a solar thermal water heater is not just an environmentally-conscious decision, but it can also save you quite a bit of cash.

Progress Energy just released a report in which it notes that customers saved upwards of $235 a year by switching to solar thermal water heaters. That’s a whopping annual savings of 63% on the water heater portion of their power bills.

The Raleigh based company reported to the North Carolina Utilities Commission as a final part of a pilot project using 150 solar water heaters to test out the efficiency of the units.

Progress claims more than 15% of electricity used in an average home is used for heating water, so the solar thermal water heater would be a solid investment over the long-term. The biggest drawback is its high initial cost. Although currently the state of North Carolina offers a 35% tax credit. And of course, there's also the 30% federal tax incentive.

Here are some basics about solar hot water. . .

Enjoy this article? Get more in our Free Newsletter

Get the inside track on the most lucrative stock plays in today's scorching-hot alternative and renewable energy markets.

Sign up for the FREE Energy and Capital daily e-Letter from alternative energy experts Jeff Siegel and Nick Hodge. We'll also send you our latest report on Wind Investing straight to your inbox.

Your Privacy is Assured.

Jeff Siegel on CNBC

Green Chip Stocks Editor Jeff Siegel, featured guest on CNBC's Green Week

Related Articles

Solar Stocks Impress on Guidance
Real Goods Solar (NASDAQ:RSOL) and ReneSola (NYSE:SOL), announce earnings.
Solar Tariff Irony
New import fees on Chinese solar panels prove to be an exercise in irony.
First Solar (NASDAQ:FSLR) Sells 50 Megawatts
First Solar finds a buyer for a 50 MW solar project in Nevada.